AAVE Price Eyes Breakout Above $108 as User Interest and Lending Activity Surge

The price of AAVE has been steadily increasing since finding support at $60 in June, and is now closing in on its 200-day EMA. Traders are watching this setup because it resembles the one that led to a 650% rally from late 2023 to $399.

A key level to watch for AAVE price is around $108. If it can break above this and hold, the technical picture could strengthen considerably.

Rising active addresses on the protocol suggest growing user interest alongside the price recovery. This is a crucial factor because a technical breakout backed by increasing network activity is more convincing than one driven purely by speculation.

Aave's dashboard shows substantial stablecoin activity, with $8.98 billion in total stablecoins supplied and $7.40 billion borrowed. Aave V4 also sees notable activity, with $389.1 million supplied against $130.9 million borrowed.